Tax revenues in 2021-22 exceeded Union Budget's estimates by Rs 5 lakh crore
Tax revenues in 2021-22 exceeded Union Budget's estimates by Rs 5 lakh crore, Revenue Secretary Tarun Bajaj said on Friday.
Against the Union Budget estimates of Rs 22.17 lakh crore, the revenue collections as per the pre-actual figures was Rs 27.07 lakh crore, almost Rs 5 lakh crore above the budget estimates, Mr Bajaj informed media persons.
The tax revenue in the Union Budget for 2021-22 was estimated at Rs 22.17 lakh crore against the revised estimates of Rs 19 lakh crore, with a growth of 17 per cent.
The Union Budget for 2021-22 was presented on February 1, 2021 when the first Coronavirus wave had tapered off in India, but the world was facing successive waves.
The tax revenue during 2021-22 was 34 per cent higher than Rs 20.27 lakh crore recorded in 2020-21. The tax revenue collection was led by 49 per cent jump in revenue from direct taxes. Collection from indirect taxes grew by 20 per cent year-on-year.
This revenue growth has been propelled by rapid economic recovery after successive waves of Coronavirus, supported by one of the largest immunisation programme of the world run by the government, the Revenue Secretary said.
He added that it also signifies a robust recovery in the economy. "These were also supplemented with better compliance efforts in taxation. Various efforts were taken by tax administration on direct as well indirect taxes to nudge higher compliance through use of technology and artificial intelligence," he said.